By October 6, 2016 Read More →

OPEC output cut could be more if needed -Algerian official

OPEC output cut

Algerian Energy Minister Nouredine Bouterfa says the OPEC output cut could be increased if producers believe it is necessary.  OPEC photo.

OPEC output cut could drop by another one per cent

ALGIERS, Oct 6 (Reuters) – The proposed OPEC output cut could be an additional one per cent on top of the amount agreed upon in Algiers last month if producers reckon it is needed, according to Algerian Energy Minster Nouredine Bouterfa.

He also told local media, Ennahar TV, that OPEC and non-OPEC members would hold an informal meeting in Istanbul on Oct. 8-13 to discuss how to implement the Algiers deal, though he did not give details about who would attend.

OPEC producers agreed in Algiers in September to reduce output by around 700,000 barrels per day to a range of 32.5 million to 33.0 million barrels per day, its first cut since 2008. OPEC estimates its current output at 33.24 million b/d.

“We will evaluate the market in Vienna by the end of November and if 700,000 barrels are not enough, we will go up. Now that OPEC is unified and speaks in one voice everything is much easier and if we need to cut by 1 percent, we will cut by 1 percent,” Bouterfa told Ennahar in an interview to be broadcast later on Thursday.

Algeria is one of OPEC’s price hawks, and this was the first suggestion of a possible further decrease in output. Before the Algiers meeting Bouterfa had been pressing for a 1 million b/d OPEC production cut to stabilize prices.

Venezuela’s Oil Ministry said on Thursday that oil ministers from Algeria, Gabon, Qatar, Saudi Arabia, the United Arab Emirates, and Russia would participate, as would the South American country’s oil chief, Eulogio Del Pino.

(Reporting by Lamine Chikhi; Additional reporting by Alexandra Ulmer in Caracas; Writing by Patrick Markey; Editing by Jane Merriman and Jeffrey Benkoe)

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